Subdivision 1. Applicability. The definitions in this section apply to sections 462A.02, subdivision 11, 462A.30, and 462A.31.
Subd. 2. [Repealed, 1Sp2001 c 4 art 4 s 39]
Subd. 3. First option to purchase. "First option to purchase" means a right of a community land trust or the agency to purchase all or any portion of the improvements and leasehold interest of a lessee, sublessee, or other resident of property subject to a ground lease, prior to the rights of any other party and at a limited equity price.
Subd. 4. Ground lease. "Ground lease" means a lease of real property in which the lease does not include buildings or other improvements.
Subd. 5. Leasehold interest. "Leasehold interest" means the real property interest of a lessee in a ground lease in which the community land trust is the lessor.
Subd. 6. Limited equity formula. "Limited equity formula" means a method, approved by the agency, for calculation of the limited equity price, designed to maintain the affordability of the housing and the public subsidy.
Subd. 7. Limited equity price. "Limited equity price" means a price for the sale of any building or other improvement located on land owned by a community land trust determined by means of the limited equity formula.
Subd. 8. Community land trust. "Community land trust" means a city or a nonprofit corporation organized under chapter 317A that complies with section 462A.31 and that qualifies for tax exempt status under United States Code, title 26, section 501(c)(3), and that meets all other criteria for community land trusts set by the agency.
Subd. 9. Persons and families of low and moderate income. "Persons and families of low and moderate income" means persons or families whose income does not exceed:
(1) 115 percent of the greater of state median income, or area or county median income as determined by the Department of Housing and Urban Development; or
(2) the amount that qualifies the organization for tax exempt status under United States Code, title 26, section 501(c)(3), whichever is less.
1991 c 287 s 2; 1992 c 522 s 37-39; 1994 c 586 s 10; 2012 c 288 s 12; 1Sp2021 c 8 art 2 s 9
Structure Minnesota Statutes
Chapters 460 - 463 — Local Government Police Powers
Chapter 462A — Housing Finance Agency
Section 462A.03 — Definitions.
Section 462A.04 — Housing Finance Agency.
Section 462A.041 — Meetings By Telephone Or Other Electronic Means.
Section 462A.05 — Specific Powers Of The Agency.
Section 462A.057 — Minnesota Urban And Rural Homesteading Program.
Section 462A.06 — General Powers Of The Agency.
Section 462A.065 — Financial Information.
Section 462A.07 — Additional Powers And Duties Of The Agency.
Section 462A.073 — Single-family Mortgage Bonds; Limitations.
Section 462A.08 — Bonds And Notes; Purposes, Terms, Approval.
Section 462A.09 — Bonds And Notes; Resolutions Authorizing, Additional Terms, Sale.
Section 462A.10 — Bonds And Notes; Optional Resolution And Contract Provisions.
Section 462A.105 — Interest Rate Exchanges.
Section 462A.12 — Bonds And Notes; Nonliability Of Individuals.
Section 462A.13 — Bonds And Notes; Purchase By Agency.
Section 462A.14 — Bonds And Notes; Nonliability Of State.
Section 462A.15 — State Pledge Against Impairment Of Contracts.
Section 462A.16 — Default In Payments; Appointment Of Trustee.
Section 462A.17 — Powers And Duties Of Trustee.
Section 462A.18 — Moneys Of Agency.
Section 462A.19 — Exemption From Taxes.
Section 462A.20 — Housing Development Fund; Creation, Sources.
Section 462A.201 — Housing Trust Fund Account.
Section 462A.202 — Local Government Unit Housing Account.
Section 462A.2035 — Manufactured Home Park Redevelopment Program.
Section 462A.204 — Family Homeless Prevention And Assistance Program.
Section 462A.2065 — Report On Loss Of Housing.
Section 462A.209 — Homeownership Education, Counseling, And Training Program.
Section 462A.2091 — Contract For Deed Guarantee Account.
Section 462A.2093 — Innovative And Inclusionary Housing Program.
Section 462A.2097 — Rental Housing.
Section 462A.21 — Housing Development Fund; Advances, Use Repayment.
Section 462A.221 — Definitions.
Section 462A.222 — Low-income Housing Credits.
Section 462A.223 — Minnesota Housing Finance Agency; Designated Agency.
Section 462A.225 — State Register Notice.
Section 462A.235 — Commissioner Of Commerce; Duties.
Section 462A.24 — Construction; Grants And Loans; Priorities.
Section 462A.29 — Interagency Coordination On Homelessness.
Section 462A.30 — Definitions.
Section 462A.31 — Community Land Trusts.
Section 462A.33 — Economic Development And Housing Challenge Program.
Section 462A.34 — Visitability Requirement.
Section 462A.35 — Minnesota Manufactured Home Relocation Trust Fund.
Section 462A.355 — Advances To Minnesota Manufactured Home Relocation Trust Fund.
Section 462A.36 — Nonprofit Housing Bonds; Authorization; Standing Appropriation.
Section 462A.37 — Housing Infrastructure Bonds; Authorization; Standing Appropriation.
Section 462A.375 — Additional Purposes, Housing Infrastructure Bonds.
Section 462A.38 — Workforce And Affordable Homeownership Development Program.
Section 462A.39 — Workforce Housing Development Program.
Section 462A.40 — Minnesota Housing Tax Credit Contribution Account.